“Voting rights will be suspended for the percentage of shares overshooting the 33% threshold,” CNVM official Lorand Kralik told MEDIAFAX.
Under current stock market bylaws, shareholders or groups of stockholders who own mode than 33% in a company have limited voting rights until they file for the takeover of said company.
Chelu and multiple firms he controls directly or indirectly started buying Argus shares in July, reaching a total stake of 46% in the company. However, the businessman has yet to launch a takeover offer.
Argus registered a net profit of 4.3 million lei (EUR1 million) in the first half of the year, down 25% on the first half of 2010. Sales rose 35% on the year, to RON104.8 million.
Argus shares were rising 12.7% on the day in late-trade Wednesday, to RON4. (EUR1=RON4.2886)